Cenovus Energy (NYSE:CVE) Shares Gap Down - What's Next?

Cenovus Energy Inc. (NYSE:CVE - Get Free Report) TSE: CVE shares gapped down prior to trading on Monday . The stock had previously closed at $16.90, but opened at $16.32. Cenovus Energy shares last traded at $16.38, with a volume of 809,102 shares.

Analyst Ratings Changes

CVE has been the subject of several recent research reports. TD Securities lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Tuesday, October 1st. Scotiabank reduced their target price on Cenovus Energy from $35.00 to $34.00 and set a "sector outperform" rating for the company in a report on Friday, July 12th. StockNews.com lowered Cenovus Energy from a "buy" rating to a "hold" rating in a report on Monday, September 30th. Finally, BMO Capital Markets reduced their target price on Cenovus Energy from $33.00 to $31.00 and set an "outperform" rating for the company in a report on Friday, October 4th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Cenovus Energy presently has a consensus rating of "Moderate Buy" and a consensus target price of $30.75.

Cenovus Energy Stock Down 1.3 %

The company has a debt-to-equity ratio of 0.25, a current ratio of 1.66 and a quick ratio of 1.00. The company has a market cap of $31.02 billion, a PE ratio of 9.27 and a beta of 2.04. The company has a fifty day moving average price of $17.41 and a 200 day moving average price of $18.98.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings data on Thursday, August 1st. The oil and gas company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.13). Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. The business had revenue of $10.88 billion for the quarter, compared to analysts' expectations of $9.78 billion. As a group, analysts anticipate that Cenovus Energy Inc. will post 1.84 EPS for the current year.

Cenovus Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a dividend of $0.132 per share. This represents a $0.53 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend was Friday, September 13th. Cenovus Energy's payout ratio is 29.44%.

Institutional Trading of Cenovus Energy

Hedge funds have recently bought and sold shares of the company. Blue Trust Inc. lifted its position in Cenovus Energy by 640.3% in the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company's stock worth $51,000 after buying an additional 2,651 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in Cenovus Energy by 8.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company's stock worth $170,000 after buying an additional 643 shares during the last quarter. Envestnet Portfolio Solutions Inc. bought a new stake in Cenovus Energy in the 1st quarter worth approximately $205,000. Everpar Advisors LLC bought a new stake in Cenovus Energy in the 2nd quarter worth approximately $211,000. Finally, FCG Investment Co bought a new stake in Cenovus Energy in the 3rd quarter worth approximately $211,000. Institutional investors own 51.19% of the company's stock.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.